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Reflections on the Current Fashion For Central Bank Independence
Bibow, Jörg - EconWPA - 2001
This paper challenges the time-inconsistency case for central bank independence. It argues that the time-inconsistency literature not only seriously confuses the substance of the rules versus discretion debate, but also posits an implausible view of monetary policy. Most worrisome, the...
Persistent link: https://www.econbiz.de/10005561151
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Liquidity Preference Theory Revisited—To Ditch or to Build on It?
Bibow, Joerg - EconWPA - 2005
This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory … and after, with a view of assessing the theory’s ongoing relevance and applicability to issues of both monetary theory and … policy. Contrary to the neoclassical “special case” interpretation, Keynes considered his liquidity preference theory of …
Persistent link: https://www.econbiz.de/10005126066
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The credibility of monetary policy: a survey of the literature with some simple applications to Caanda
Amano, Robert; Fenton, Paul; Tessier, David; Norden, … - EconWPA - 1996
We don't have an abstract yet, sorry. But I think the title is pretty descriptive.
Persistent link: https://www.econbiz.de/10005407873
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Exchange Rate Floating and Inflation Targeting Implementing - Lessons from a succesful transition - The Brazilian Case
Deheza, Juan Carlos Soldano - EconWPA - 2003
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
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Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
Bibow, Joreg - EconWPA - 2005
Challenging the conventional wisdom that structural problems are to blame for the euro area’s protracted domestic demand stagnation, this paper sets out to shed some fresh light on the role of the ECB in the ongoing EMU crisis. Contrary to the widely held interpretation of the ECB as an...
Persistent link: https://www.econbiz.de/10005412615
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Policy Makers Priors and Inflation Density Forecasts
Vega, Marco - EconWPA - 2004
theory. The combination crucially hinges on an information-theoretic utility function gains of the policy maker from …
Persistent link: https://www.econbiz.de/10005556367
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EXCHANGE RATE AND INFLATION TARGETING IN MOROCCO AND TUNISIA
Nathalie, Grand; Vincent, Dropsy - EconWPA - 2005
Morocco and Tunisia have started to open their markets to international trade and capital flows in order to bolster investment and growth. These liberalization programs require important adjustments in their economic policies, in particular their exchange rate regimes and monetary policies. This...
Persistent link: https://www.econbiz.de/10005561228
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The Philippine Central Bank's Monetary Policy Reaction Function from 1992 to 2003
Salas, John Michael Ian S. - EconWPA - 2004
This paper attempts to provide an empirical determination of the Philippine central bank's (BSP) recent monetary policy stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior. Employing Clarida, Gali, and Gertler's (1998,...
Persistent link: https://www.econbiz.de/10005561255
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Completing Markets in a One-Good, Pure Exchange Economy Without State-Contingent Securities
Eagle, David - EconWPA - 2005
Pareto-efficient consumption in a pure-exchange, one good economy varies over states of nature with respect to only two factors: real aggregate supply and individual utility shocks. One’s optimal contract receipts vary with respect to only these two factors and the ratio of one’s endowment...
Persistent link: https://www.econbiz.de/10005561612
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An Investigation of the Gains from Commitment in Monetary Policy
Schaumburg, Ernst; Tambalotti, Andrea - EconWPA - 2003
degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …
Persistent link: https://www.econbiz.de/10005076809